Combining Property Held for Restricted or Special Purposes
  3. (1) In this section, “contributed property” means, in respect of an individual property, additional property that is added to, and forms part of, a pre-existing individual property.  O. Reg. 4/01, s. 3 (1). (2) In the circumstances and subject to the restrictions described in this section, an executor or trustee may combine property received by the executor or trustee for a restricted or special purpose with other property received by the executor or trustee for another restricted or special purpose and may hold the combined property in one account in a financial institution or invest it as if it were a single property.  O. Reg. 4/01, s. 3 (2). (3) The property may be combined only if it advances the administration and management of each of the individual properties to do so.  O. Reg. 4/01, s. 3 (3). (4) All gains, losses, income and expenses must be allocated rateably, on a fair and reasonable basis, to the individual properties in accordance with generally accepted accounting principles.  O. Reg. 4/01, s. 3 (4). (5) The executor or trustee must maintain the following records for each of the individual properties, in addition to such other records as may be required by law: 1. The value of the individual property immediately before it becomes part of the combined property, and the date on which it becomes part of the combined property. 2. The value of any portion of the individual property that does not become part of the combined property. 3. The source and the value of contributed property relating to an individual property, and the date on which the contributed property is received. 4. The value of the contributed property immediately before it becomes part of the combined property, and the date on which it becomes part of the combined property. 5. The amount of the revenue received by the combined property that is allocated to the individual property, and the date of each allocation. 6. The amount of the expenses paid from the combined property that are allocated to the individual property, and the date of each allocation. 7. The value of all distributions from the combined property made for the purposes of the individual property, and the purpose and date of each distribution.  O. Reg. 4/01, s. 3 (5). (6) The executor or trustee must maintain the following records for the combined property, in addition to such other records as may be required by law: 1. The value of each individual property that becomes part of the combined property, and the date on which it becomes part of the combined property. 2. The value of contributed property that becomes part of the combined property, the date on which it becomes part of the combined property, and details of the individual property to which the contributed property relates. 3. The amount of the revenue received by the combined property, the amount allocated to each individual property and the date of each allocation. 4. The amount of the expenses paid from the combined property, the amount allocated to each individual property and the date of each allocation. 5. The value of all distributions from the combined property made for the purposes of an individual property and the purpose and date of each distribution.  O. Reg. 4/01, s. 3 (6).  Français